4 Ways Asset Management Technology Can Boost Your Firm’s Growth in 2023
What do asset managers need from their tech today to succeed?
You might hope for AI-enabled tech that does all of your trading and portfolio optimization at the click of a button, but the truth is that what asset managers really need is a customizable solution that allows them to scale their knowledge and enhance their value, while still being in control.
Often, that means finding technology that makes it faster to accomplish common, everyday tasks. At the top of the list for any asset manager should be solutions like asset management technology that streamline the entire trading management process.
A recent study from Michael Kitces showed that while the typical advisor spends about 26.7 hours a week working directly on client activities, only 8.8 of those hours involved actually interacting with clients. And those hours don’t even account for other daily tasks, like administrative duties, investment management and business development, which collectively take up another 18.6 hours.
While asset managers tend to have bigger staff, they too experience a time crunch as they manage daily tasks. The numbers don’t lie – and tech could hold the answer.
4 Ways Asset Management Technology Empowers You To Do More
Adopting financial asset management software can help wealth management firms improve their operations, enhance their decision-making capabilities and deliver more value to their clients.
But what does that look like in action? These are the top four ways that asset management tech can boost your firm’s success rate and save time.
1. Streamlined trade creation and execution
One of the most significant benefits of asset management technology is the ability to automate and streamline the complete trading lifecycle, from initial allocation all the way through ongoing trading and rebalancing. With the help of such technology, firms can reduce the amount of time and effort required to create, place, and execute trades.
Simply put, the less time your team is spending on those mundane housekeeping tasks, the more time they’ll have to work directly with clients, building relationships and developing stronger strategies.
Does Your Firm Need Better Trading Tools? Read About How Asset Managers Can Find Efficiency in Trade Order Management
2. Improved data analysis and decision-making
Asset management technology can provide managers with real-time access to account data and analytics, enabling them to make more informed investment decisions and manage accounts and portfolios more effectively.
By having more information available before making trade decisions, managers have access to insights that will ideally lead to better outcomes for their clients.
Flyer’s solutions also make it possible for firms to offer a greater variety of investment portfolios and management styles to clients. From UMAs to SMAs and even to managing each account uniquely, your solutions become more customizable than ever before.
3. Enhanced trading execution tools
Simply put, asset management technology can help financial institutions to identify adjustments and manage portfolios more effectively.
When placing individual trade orders, you may inadvertently compete against your own firm, leading to disastrous consequences if you need to demonstrate fair and impartial execution for all accounts. To avoid trade competition and ensure the best execution possible for your clients, trading technology should include trade blocking. Minimally blocking by trade side, symbol and trade destination ensures that all trades are executed in a block enabling every client to receive the same average execution price. This will provide improved downstream effects such as more consistent performance and cost basis. It also shows a client or auditor that you’re providing equitable trade execution and average pricing across clients.
Every person you serve – from your high net worth clients to the mass affluent – wants the best price when buying or selling, and that’s only possible to achieve when you have technology with the capabilities to show you the full picture of what’s happening in the markets at a second’s notice.
Both enhanced trade blocking and best price selection tools can help your firm gain consistency across your client base.
4. Increased efficiency and cost savings
By automating key processes and providing real-time access to data, asset management technology helps to improve efficiency, reduce operational costs and free up time for other revenue-generating tasks, like investment proposal creation.
It puts asset managers in the driver’s seat of their own schedules. Need more time to work with prospects? Now you’ve got it.
Want to revolutionize your proposals with actionable deliverables and eye-catching graphics? You now have the time to dedicate to those big goals.
Do More With Your Time with Flyer
Adopting asset management technology can help advisory firms to improve their operations, enhance their decision-making capabilities, and deliver more value to their clients.
For more about PMS, read our Guide to Portfolio Management Software
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